Bitcoin rose to a three-week high of $65,600 on July 16 following lower-than-expected US CPI data before retracing to around $64,000. Ethereum climbed to nearly $1,950, its best level in six weeks, but also pulled back below $1,900. The broader crypto market shed $40 billion in market cap from its peak, while ONDO surged 17%.
Bitcoin briefly exceeded $65,500 on July 16 after the release of lower-than-expected US CPI data, reaching a three-week high of $65,600. The cryptocurrency has since retreated by $1,500 and now sits near $64,000.
Ethereum rode the rally even harder, jumping to roughly $1,950 for the first time since early June. It was pushed back south below $1,900, pulling back from its six-week peak.
BTC had a relatively quiet weekend standing mostly at $64,000 following a volatile week. It plunged several times from that high after Strategy announced its latest bitcoin sale and tensions escalated in the Middle East.
On Monday, bitcoin slipped again as markets priced in new strikes between the US and Iran from the weekend. The cryptocurrency dipped below $62,000 by Tuesday morning before rocketing higher after the June CPI data came in lower than expected.
Bitcoin’s market capitalization is down to $1.285 trillion. Its dominance over altcoins remains at 56.7%.
BNB is close to $580 after a minor increase, while XRP is fighting for $1.10 after a minor daily decline. Several tokens including SOL, TRX, HYPE, RAIN, and ADA are in the red.
BCH and DEXE have dropped the most among larger-cap assets. In contrast, ONDO rocketed by 17% to $0.37. The total cryptocurrency market cap has declined by $40 billion from its daily peak, now sitting at $2.270 trillion.
